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Incentives needed for low-paid savings

The majority of IFAs see more generous financial incentives as the best way to get the low-paid saving, says research from Axa.

Increasing tax to pay for improved state pension provision was rejected by 68 per cent of IFAs, with 63 per cent saying the best way to address the pension funding crisis is to increase incentives for low earners.

The survey showed 58 per cent of IFAs expect a surge in the importance of the workplace as the environment where individuals make retirement funding decisions.

They were less clear on what would result from removing higher-rate tax relief on contributions and replacing it with incentives for the low-paid. While 47 per cent said there would be a reduction of total retirement savings, 36 per cent it would have little or no effect and14 per cent said it would encourage more retirement savings.

Head of pensions marketing Steve Folkard says: “As the Government&#39s Green Paper indicates its commitment to formulating a sustainable framework for pensions in the future, Axa&#39s research has revealed IFAs policy preference for addressing the funding gap with more financial incentives for the lower-paid.”

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